Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date year

Colliers recently sold the Samsung SDS Tower to KB Asset Management for an eye-popping US$630 million ($860 million). This marked the largest single-asset office transaction in the Asia Pacific region so far this year, as well as the largest transaction in the South Korean market for 2021.

Located in the extended area of the Gangnam Business District, the 1,071,407 sq ft property made headlines for its size and successful closure in the second half of last year.

The Colliers team was led by industry veteran Sungwook Cho, who started in his role as the firm’s managing director and head of capital markets of Colliers Korea in July.

In May, Cho’s team achieved a particularly noteworthy milestone – closing three major deals for a combined US$780 million. These deals, the sales of Munjeong Plaza, Donghwa Building, and Namsan Green Building, were considered to be some of the only major transactions made in the main business districts of Seoul at the time.

This condominium is located just 5 mins walking to Holland Village MRT station. It is centrally located in the heart of Holland Village, offering easy access to amenities such as banks, schools, supermarkets, and restaurants/ eateries. Residents can enjoy an active lifestyle at nearby recreational areas such as Bukit Timah Nature Reserve and Dempsey Hill.Moreover, the luxurious condominium offers a wide variety of facilities such as a swimming pool, gymnasium, elevators, children’s pool, and a BBQ area. The condominium stands apart from other residential apartments because of its state-of-the-art security system and efficient property management. Holland Drive Condo is the perfect choice for those who seek an urban lifestyle in the prime district of Holland Village.

Speaking on the achievement, Cho expresses immense pride in his team’s capabilities and commitment to securing a suitable buyer for a large transaction in a subdued commercial real estate market. According to Cho, this move was seen as a smart investment on the part of KB Asset Management since it ensures a steady cash flow from Samsung SDS using the building as its headquarters, a factor which helped drive an influx of major Korean investors to the deal.

Additionally, Colliers’ Asia Pacific managing director of global capital markets, Chris Pilgrim, applauds the team’s determination and efforts that enabled them to find a suitable buyer for such a prized commercial office property.

Pilgrim remarks on the amount of significance the sale has as it not only reflects the largest transaction value of the year in South Korea, but it serves as indication of the potential for further investments in prime-rate buildings within the Korean market.

The successful closure of this monumental transaction is certainly a triumph not only for the Colliers team, but for the whole real estate industry.